Elliott Wave Analysis: USDJPY Correcting in Flat Structure

Short Term Elliott wave View suggests USDJPY is correcting cycle from 2/2 peak (110.5) as anExpanded Flat Elliott Wave Structure. Flat is a corrective Elliott Wave structure with ABC label, and it has a subdivision of 3-3-5. In the case of USDJPY, Minor wave A ended at 197.9 on Feb 21 and Minor wave B ended at 105.23 on March 2.

Up from 105.23, Minor wave C rally is currently in progress as adiagonal 5 waves Elliott Wave structure. Minute wave ((i)) of C ended at 106.46, Minute wave ((ii)) of C ended at 105.43, Minute wave ((iii)) of C ended at 107.05, and Minute wave ((iv)) of C is expected to complete at 105.81 106.24 area. Near term, while pullbacks stay above 105.43, expect pair to extend higher towards 107.29 107.68 to end Minute wave ((v)) of C.The last push higher in Minute ((v)) of C should also complete Minor wave X and end correction to the cycle from 2/2 peak. Afterwards, pair should resume the decline or at least pullback in 3 waves to correct the 5 waves diagonal rally from 105.23 low.

USDJPY 1 Hour Elliott Wave Chart

USDJPY 13 March

ew cycle